我国上市中小企业融资研究

我国上市中小企业融资研究
摘  要

本文在回顾国内外有关融资结构研究的基础上，一方面，从纵向、横向角度分析上市中小企业融资需求，总结了不同行业上市中小企业以及一般上市中小企业在不同发展阶段的融资特征；另一方面，分析上市中小企业融资的供给情况。然后，综合供求情况，结合深交所中小板企业的相关数据，总结了近年中小上市企业融资结构发展趋势，得出上市中小企业具有“股权融资偏好”的结论。针对这一现状，本文进一步从企业外部环境和企业内部发展角度研究产生现象的原因，其中，在企业内部发展部分，笔者以中小板企业财务数据作为样本，运用统计回归的方法考量股权等融资方式的选择与企业经营业绩的相关性，最终得出“股权融资偏好”是不理性不经济的行为，企业仍应以内源融资作为首选的融资方式，对此，笔者提出四点对策优化上市中小企业的融资结构。

关键词： 中小企业 融资结构 股权融资 资源配置 资本市场
ABSTRACT

Based on the review of the international and domestic financial structure theory, the paper, on one hand, analyzes the capital demand of China listed SMEs respectively according to cross-sectional and chronicle angles and, further, details the distinct features of SMEs in different industries and in different development stages. On the other hand, the paper analyzes the capital supply in the current situation. Then, the paper cites the relevant financial statistics of listed SMEs in the Shenzhen Stock Exchange, analyzes with the consideration of both demand and supply of the capital, and draws the conclusion that, nowadays, the phenomenon of equity financing fervor is quite prevalent in the market. In response to this situation, the paper looks deep into the external environment and internal development of China SMEs to explore appropriate explanations. Specially, the paper uses statistical regression analysis method in the examination of internal reasons and discovers that the equity financing fervor is an unreasonable and irrational phenomenon, which should be avoided. Therefore, the papers further put forward four suggestions to optimize the financing structure of listed SMEs.

Keywords: SME, financing structure, equity financing, resource allocation, capital market

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